transparency

Galveston Wharves Pension Plan

Overview

Contact Information:
PO Box 328
Galveston, TX 77553
http://www.portofgalveston.com
Phone: (409) 766-6146
Fax: None Reported

Classification: 810
Year Created: 1960
Fiscal Year-End Month: 12

Total Members : 132

  Active Members: 15
  Inactive Members : 38
  Total Annuitants: 79
  (Effective Date: 12/31/2021)

Financials

(Effective Date: 12/31/2021)

Total Net Assets: $16,823,455

Total Assets : $16,823,455
Total Liabilities : $0
Total Additions : $2,636,617
Employer Contributions:
$255,702
9.70%
Employee Contributions:
$0
0.00%
Other Contributions:
$0
0.00%
Investment Income:
$2,380,915
90.30%
Other Income:
$0
0.00%

Total Deductions  : $1,481,151
Benefit Payments:
Benefit Tier Details
$0
0.00%
Withdrawals:
$1,366,375
92.25%
Administrative Expenses:
$39,843
2.69%
Investment Expenses:
$74,933
5.06%
Other Expenses:
$0
0.00%
Total Contribution Rate: 23.49%
(Effective Date: 1/1/2021)
Employer: 0.00%
Employee: 23.49%

Historical Investment Returns

(Report Date: 12/31/2021)
—  Assumed Rate of Return 7.25%
  • 1-Year Return: 15.16%
  • 3-Year Return: 17.66%
  • 10-Year Return: 11.03%
  • 30-Year Return: N/A
  • Note: Rates of return are reported net of fees.
  • Investment Policy Details
  • Assumed Rate of Return : 7.25%

Actuarial

(Effective Date: 1/1/2021)
Actuarial Value of Assets : $15,560,833
Actuaries often select an asset valuation method that smooth the effects of short‐term volatility in the market value of assets. The actuarial value of assets is intended to give fund managers a more accurate picture of the fund’s ability to cover its liabilities.
Market Value of Assets: $15,560,833
Actuarial Assumption Details

Actuarial Funded Ratio : 93.15%

Market Funded Ratio: 93.15%

Amortization Period (Yrs) : 20
Unfunded Liability : $1,143,704
Unfunded Liability per Member: $8,664

Benefit Tier Details

Eligible Members:
Hired before 1/1/2010
Vesting:
5 YCS
Age/YCS:
65/5
Benefit Formula:
(Years of Credited Service <= 40 x 1.50% x Final Average Salary) + (cash balance benefit = contribution credits of 6%, ceasing 9/30/2005 + interest credits applied annually based on the lesser of 7% or annual interest rate on 5-yr Treasury Securities)
Final Average Salary:
Highest 5 years
Automatic COLA:
None
Benefit Tier Options:
None
Social Security:
No

Investment Policy Details

Effective Date: 12/31/2014

Asset Class:
Equities
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
83%
Asset Class:
Cash
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
5%
Asset Class:
Fixed Income
Minimum Allocation:
N/A
Maximum Allocation:
N/A
Target Allocation:
10%
Asset Class:
Alternative Investments
Minimum Allocation:
0%
Maximum Allocation:
0%
Target Allocation:
2%